Question : The compound interest on Rs. 24000 at 10% per annum for $1\frac{1}{2}$ years, interest being compounded semi-annually is:
Option 1: Rs. 3783
Option 2: Rs. 3777
Option 3: Rs. 3780
Option 4: Rs. 3781
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Correct Answer: Rs. 3783
Solution :
Given:
Principal = Rs. 24,000
Rate of Interest = 10%
Time = $\frac{3}{2}$ year
Formula used:
CI = $P(1+\frac{R}{100})^{n} - P$ where n is the number of years.
Calculation, when interest is compounded semi-annually.
CI= $24000(1+\frac{\frac{10}{2}}{100})^{3} - 24000$
CI= $24000(\frac{21}{20})^{3} -24000$
CI= 27783 – 24000
CI= Rs. 3783
Hence, the correct answer is Rs. 3783.
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